Children’s Accounts Best Buys

These accounts – as the name suggests – are designed specifically for children, and HM Revenue & Customs has a rule that any gross interest earned over £100 a year as a result of gifts from parents will be taxed at the parent’s higher rate, so you cannot use them as a means of getting additional savings benefits. These accounts often have an appealing headline interest rate, but restrictions on how much can be deposited.

 

Children’s Account Best Buys